Standard Bank faces biggest greylist risk, RMB Morgan Stanley warns
SA’s potential addition to a list of nations with higher money-laundering and terrorist financing risk could hurt Standard Bank and Nedbank most
RMB Morgan Stanley has named Standard Bank as the lender most at risk for potential negative effects that could flow from SA being greylisted by the Financial Action Task Force (FATF).
The Paris-based FATF, an intergovernmental body that assesses countries’ ability to combat illicit financial activity, gave SA 18 months to tackle shortcomings in its ability to prevent financial crimes outlined in an evaluation report in October 2021. The one-year observation period for SA ends in October 2022, a deadline at which point the country must demonstrate progress in addressing its anti-money-laundering and terrorist financing shortcomings or risk being added to the greylist when FATF holds its follow-up review meeting in February 2023...
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